As Steven Marks took to the stage to ring the bell heralding the debut of Guzman y Gomez on the ASX boards on Thursday, he was quick to thank supporters on the burrito chain’s 18-year journey from “not great” revenue and “worse” economics to $3 billion listed company.
At the top of his list was TDM Growth Partners, the Double Bay fund that is GYG’s single largest shareholder. TDM first stumped up $44 million for a minority stake in 2018 and has taken an extremely hands-on role ever since. TDM’s Tom Cowan, who was positively beaming at the ASX bell ringing ceremony, was at one point spending 60% of his week working on the company.
“To TDM. I’ve said it before and I’ll say it forever, you guys are the best partners we could have ever wished for. You’re truly outstanding,” Marks said. “Your support, your commitment and your always helping us has made the brand what it is today and from the bottom of my heart I love you all.”
The Guzman y Gomez IPO was a float like few before it. It was the biggest listing on the ASX (as measured by the company’s market cap) since GQG in October 2021 but also the first that has captured the broader public’s attention since… almost anyone can remember.
